UPDATE 3-Rolls-Royce burns through 3 bln pounds, expects more cash outflows [Reuters]
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Source: Reuters
Rolls-Royce burns through 3 billion pounds, expects more cash outflows LONDON (Reuters) - Aerospace engineer Rolls-Royce ( RR.L ) burned through 3 billion pounds ($3.8 billion) in the first half as the hours flown by its engines halved due to the COVID-19 pandemic, and said it expected a further 1 billion pound outflow in the second half. The British company, which makes engines for the Boeing 787 and Airbus 350, said flying hours fell 75% in April, May and June, and it had only seen a marginal improvement since. Chief Executive Warren East said Rolls had started reviewing options for strengthening its balance sheet, and it had 8.1 billion pounds at hand even after the first-half outflow. “The COVID-19 pandemic has created a shock across the entire civil aviation industry,” he told reporters on Thursday. “Across the first half of this year, widebody engine flying hours, which we get paid for under our servicing contract, were half of what they were last year.” Rolls has announced at
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